Posted on 05/25/2012 9:09:16 AM PDT by Red Badger
May 22 (Reuters) - Germany's Wintershall, the oil and gas arm of chemicals group BASF, confirmed an oil discovery off Norway near the Kristin field in the Norwegian Sea, the Norwegian Petroleum Directorate said in a statement on Tuesday.
"The well encountered a 39-metre thick oil column in the Garn formation with reservoir and reservoir quality as expected," it said.
"Preliminary calculations confirm earlier resource estimates, though at the upper end of the discovery estimate," it added.
An earlier estimate for the discovery was for between 10 and 20 million standard cubic metres of recoverable oil and between 2 and 5 billion cubic meters of recoverable gas, it added.
(Excerpt) Read more at reuters.com ...
Exactly what I was thinking. Brazil, Norway, Iran, China......and we are doing what? Our government is just plain stupid......as well as the EPA.
20 million barrels is about a 4 day supply. I wonder what the profitability is.
Margins are slim, but I’m sure they can manage somehow...........
The headline’s wrong : there are roughly 6.3 barrels per cubic meter.
My fault, I was reading barrels and it was Cubic meters.......It’s still a bunch.......
As FReeper Vide just pointed out, my headline is incorrect. Multiply the 10 to 20 million CUBIC METERS (which is what the article says) by 6.3 to get BARRELS of oil.......
Please correct my numbers in the TITLE, they should be 63-126 Million Barrels...........my bad math.....Thanks........
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